Look to accumulate pharma, media shares near support levels: Ravi Nathani

According to the technical analyst, the Nifty Pharma index is likely to get support around 11,981 level.

Nifty Pharma

Last close: 12,308.45

The Nifty Pharma Index is presently displaying a downward trajectory as indicated by the trend line delineating the nadir of the lowest close on the 18th March 2021 and the trough on the 17th June 2022. This trend line constitutes a substantial degree of support at the 11,981 juncture.

Nonetheless, technical markers such as the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and moving averages are still manifesting a bearish disposition, suggesting that the current downward trend of the index is likely to persist in the proximate future.

Given the sharp decline witnessed in